When I was growing up, my mom, who was the second to the youngest in a family of nine children, was fond of two sayings when it came to the topic of having children.

The first saying was, “All kids really need is love.” The second saying was, “God will provide.”

When you are young, your parents influence your thoughts, and what you hear and learn from them becomes your normal.

I did truly believe that all kids really need is love. Now, my husband and I have three kids of our own, and while we love them plenty, that isn’t enough. Unless you have a high paying corporate or professional job, more often the decision as to how many kids to have depends on what kind of financial situation you are willing to have.

What Are the Requirements for Opening a Roth IRA for a Child?

A child can open a Roth IRA if they have verifiable income. Their income can be verified through W-2 records, or if they were a freelancer, so to speak, mowing lawns or babysitting, they must claim their income on a tax return.

In addition, some brokers also request that a legal guardian be on the Roth IRA with the child until the child is of age. However, not all brokers require this.

Braces

If you or a loved one has a food allergy or intolerance, you may be frustrated by your escalating grocery bill.

In my own family, both my daughter and I have a dairy intolerance, and I just recently I found out I also have a soy intolerance. When we first discovered our dairy intolerance nine months ago, we struggled with trying to keep our grocery bill low.

Now that it has been nearly a year, we have discovered some strategies to rein in our grocery expenditures.

Don’t buy substitutions.

We all want the best education for our children, but what if you can’t afford the perfect one? Do you saddle your aspiring college student with $50,000, $75,000–$100,000 in student loan debt upon graduation?

There are ways to avoid the student debt trap and still give your child a decent education. True, compromises will be necessary, but with the cost of a college education spiraling out of control, there may be no other choice for many parents.[Read more…]

Disclaimer

Parenting Family Money is for general information or entertainment purposes only and does not constitute professional financial advice. Please contact an independent financial professional for advice regarding your specific situation.

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